KisStartup

Many startups do not fail because of a lack of effort or technical capability.
They fail because they ask the critical questions too late.

The product is already built.
Features are completed.
The website is live.
The pitch deck is ready.

Only then do founders start asking customers:
“What do you think about this product?”

That is the moment a startup enters its riskiest path.

Why is “build first, ask later” so dangerous?

In many founders’ minds, the logic seems reasonable: customers can only give feedback once there is a concrete product. But in entrepreneurship, the learning sequence is completely reversed.

Startups do not lack products.
Startups lack evidence.

When founders ask only after building, the feedback they usually receive sounds like:

• “Looks interesting.”
• “Good idea.”
• “Let me think about it.”

These responses are not wrong—but they are useless for decision-making. They do not answer the survival questions:

• Who is willing to pay?
• Is the problem painful enough?
• If this product did not exist, would customers actively look for alternatives?

The psychological trap: the more you build, the harder it is to stop

Once founders invest time, money, and emotional energy into a product, it becomes extremely difficult to return to the original questions. This phenomenon is well studied in organizational behavior as escalation of commitment: the more people invest, the more they defend their initial decision—even when data suggests it is wrong.

At that point, customer feedback is no longer a learning tool. It becomes a confirmation tool. Founders selectively hear what supports their beliefs and ignore opposing signals.

The mistake is not “building” – it is building too early

Lean startup thinking does not oppose building products.
The problem is the sequence.

Many startups build:

• before clearly defining a customer segment,
• before understanding the buying decision process,
• before knowing which pain point is “painful enough.”

As a result, the MVP stops being a Minimum Viable Product and becomes a “mini full product”—smaller in scale, but still fundamentally wrong.

Customer discovery is not asking for opinions

Another common misunderstanding is treating customer discovery as casual surveys. In reality, discovery is about testing hypotheses, not asking for advice.

The right questions focus on:

• What are customers doing now to solve the problem?
• How frequent and costly is that problem?
• What frustrates or exhausts them most in the current process?

If founders cannot answer these questions with repeated, consistent data, building a product is a blind bet.

How “Build – Measure – Learn” gets misunderstood

Many startups claim they follow lean thinking because they “built an MVP and measured.”
But what they measure is the real issue.

When startups track:

• but do not measure:

a clear hypothesis,

• traffic,
• downloads,
• likes,

but do not measure:

• a clear hypothesis,
• retention rates,
• willingness to pay,
• repeat behavior,

they fall into the trap of vanity metrics—numbers that look good but do not guide the next decision.

At that point, startups believe they are learning, when in reality they are just tracking their own busyness.

How to escape the “build first, ask later” trap

Experience from KisStartup’s mentoring and incubation programs shows that startups learn fastest when they delay heavy building and invest more in asking the right questions.

One simple but powerful rule:
Do not write code or design interfaces without a clear customer hypothesis and explicit criteria for rejecting that hypothesis.

Small experiments—landing pages, pre-orders, paper prototypes, structured interviews—often save up to 80% of the cost compared to fixing a product built on the wrong assumptions.

An open question for founders

If you had to pause all product development for the next two weeks, would your startup have enough customer data to make the next decision?

Or are you continuing to build… simply because you don’t yet know what to ask?

The next article in this series will dive into a blind spot directly connected to this mistake:
“You have customers—but no revenue.”

Key References

This article is synthesized from the above sources and KisStartup’s hands-on startup coaching experience in Vietnam.

© Copyright belongs to KisStartup. Any reproduction, citation, or reuse must clearly credit KisStartup.

• Blank, S. (2013). Why the Lean Startup Changes Everything. Harvard Business Review.
• Ries, E. (2011). The Lean Startup. Crown Business.
• Graham, P. (2008). Startup Mistakes.
• CB Insights (2021). The Top Reasons Startups Fail.
• First Round Capital Review – case studies on customer discovery and founder bias.
• Wasserman, N. (2012). The Founder’s Dilemmas. Princeton University Press.

Compiled and presented by KisStartup

For many technology startups, the most valuable assets are not factories or machinery, but intangible resources: technology, software, algorithms, inventions, data, and brands. Yet for a long time, financial systems have been accustomed to lending based primarily on tangible assets. This gap has left many startups in a difficult position: rich in value, but short on capital for growth.

IP-backed financing emerges as a solution to this challenge.

What Is IP-Backed Financing, in Simple Terms?

IP-backed financing refers to funding mechanisms in which startups use their intellectual property (IP) as the basis for securing loans, instead of—or in addition to—real estate or physical assets. IP assets may include patents, software, algorithms, trademarks, copyrights, or trade secrets, as long as they have the potential to generate economic value in the future.

The key point is this: banks or funds do not lend simply because a company “has IP,” but because they believe that the IP can generate cash flows, or at least be exploited or transferred if the business encounters financial distress. For this reason, IP-backed financing is particularly suited to technology startups and innovative SMEs—companies with limited tangible assets but strong IP portfolios.

Where Is This Market Globally?

Globally, IP-backed financing is growing relatively quickly, but it remains a niche segment rather than a mainstream credit channel. Most transactions are concentrated in countries with clear policies, robust IP valuation systems, and strong intellectual property protection frameworks, such as the United States, the United Kingdom, the EU, China, South Korea, and Singapore.

In these markets, IP-backed financing has not developed organically. Governments play a significant role by providing loan guarantees, subsidizing IP valuation costs, or establishing national IP evaluation systems. This reduces risk for banks and expands financing options for startups beyond equity.

Compared to asset-based lending using tangible collateral, the overall scale of IP-backed financing is still relatively small. This is not because IP lacks value, but because IP valuation is complex, enforcement and liquidation are difficult in default scenarios, and not all financial institutions have the capability to manage such risks.

How Can Startups Access IP-Backed Financing?

In practice, IP-backed financing takes multiple forms. Some startups secure loans by pledging patent portfolios or proprietary software. Others leverage IP as a foundation to access venture debt, combining debt financing with equity fundraising. More mature companies may monetize IP through licensing or outright transfer, generating cash flows that strengthen their balance sheets.

Across all models, one principle holds: IP must be connected to real business activity. Successful cases globally—from medtech and software to creative industries—demonstrate that IP becomes a financial asset only when embedded in a clear commercial narrative: who pays, for what purpose, and whether those cash flows are sustainable.

Why Do Many Startups with IP Still Fail to Secure Loans?

This is a common and often sobering question.

The first barrier is weak IP governance. Many startups have strong technology but unclear ownership, incomplete contracts with employees or partners, or reliance on third-party assets without robust agreements. For banks and funds, these issues represent significant risk.

The second barrier is the absence of proven cash flows. If IP remains at the idea, prototype, or pilot stage, without evidence of commercialization, meaningful valuation for lending purposes is nearly impossible.

The third barrier is market infrastructure. In many countries, including Vietnam, secondary markets for IP are underdeveloped. In the event of default, liquidating IP is far more complex than selling real estate. As a result, lenders often demand higher interest rates, additional guarantees, or simply decline financing.

What Does IP-Backed Financing Mean for Vietnamese Startups?

In the short term, IP-backed financing is unlikely to become a widespread option in Vietnam. However, in the medium to long term, this trend is almost inevitable, as corporate value increasingly resides in intangible rather than tangible assets.

For Vietnamese startups, the priority should not be to “borrow against IP immediately,” but to prepare for that possibility. This means treating IP as a real business asset: managing it clearly, linking it to revenue models, and articulating a compelling commercial story. Doing so not only positions startups for future IP-backed financing, but also makes them more attractive to investors, partners, and the broader market.

IP-backed financing is not a miracle solution, nor a shortcut. It is the result of serious IP management aligned with real business execution.

For technology startups, moving early in this direction may not lead to immediate loans, but it does place them one step ahead when capital markets begin to recognize intellectual property as a fully legitimate asset class.

© Copyright KisStartup. Any reproduction, quotation, or reuse must clearly credit KisStartup.

References

WIPO (World Intellectual Property Organization)
Moving IP Finance from the Margins to the Mainstream (2025).
A foundational WIPO report on the role of intellectual property in financial systems, analyzing why IP must be “financialized” as intangible assets grow in economic importance. https://www.wipo.int/edocs/pubdocs/en/wipo-pub-rn2025-7-en-moving-ip-fin...
Avon River Ventures
Understanding IP-Backed Financing: An Introduction.
An overview of IP-backed financing concepts, common lending structures, and why this model suits technology startups. https://avonriverventures.com/understanding-ip-backed-financing-an-intro...

Chambers & Partners
IP-backed financing: Leveraging intellectual property for income generation and as collateral.
A legal and financial analysis of using IP as collateral for growth-stage companies. https://chambers.com/articles/ip-backed-financing-leveraging-intellectua...

Inngot
IP Finance: Using intellectual property as loan collateral.
A practitioner’s perspective from a leading European IP valuation firm, outlining conditions under which banks accept IP as collateral. https://inngot.com/news-views/ip-finance-using-intellectual-property-as-...

Market Growth Reports
Intellectual Property Financing Market Report.
Market data on the size, growth rate, and key segments of the global IP financing market. https://www.marketgrowthreports.com/market-reports/intellectual-property...

Healthcare Digital
Intellectual property-backed lending is rapidly emerging as a pivotal financing mechanism for health.
An in-depth analysis of IP-backed financing transactions in the healthtech and medtech sectors. https://www.healthcare.digital/single-post/intellectual-property-backed-...

Blind Spot 1: Having IP but failing to link it to revenue
Ask yourself:

• What is our core IP (technology, software, data, processes, brand...)?
• Where is this IP generating direct or indirect revenue?
• If this IP were removed, would our current revenue be impacted?

Warning Signs:

• IP only appears in the “Legal” slide of your pitch deck.
• No one on the team can answer: How does this IP help us make money?

Quick Fix:

Write one sentence: “IP [X] helps us generate revenue by [Y] from customer [Z].”

If you can’t write this → you have a serious blind spot.

Blind Spot 2: IP exists but fails to create competitive barriers (Moats)
Ask yourself:

• If a competitor sees our product today, how long would it take them to copy it? (1 week / 1 month / 6 months / 2 years?)
• Which part of the product is the hardest to replicate?

Warning Signs:

• Competitors copy quickly, and the startup is “powerless” to stop them.
• The only advantage is speed, not control or ownership.

Quick Fix:

Circle 1–2 elements that are the hardest to copy → that is the IP you need to protect and exploit, not everything else.

Blind Spot 3: Messy or ambiguous IP ownership
Ask yourself:

• Who created the IP? Founders, employees, freelancers, or partners?
• Have all rights been officially transferred via signed contracts?
• Are we using third-party code, images, or data without clear permissions?

Warning Signs:

• IP was written by a freelancer without a clear contract.
• The Founder thinks it belongs to "the company," but the paperwork is still in their personal name.

Quick Fix:

Create a simple table: IP – Creator – Owner – Proof of Ownership.

Even one ambiguous IP is enough to make investors walk away.

Blind Spot 4: IP is not aligned with the target market
Ask yourself:

• In which market is the startup currently making (or planning to make) money?
• Is the IP protected in that specific market?
• Do we have a plan for territorial IP expansion?

Warning Signs:

• IP is registered "just to fill the file" but doesn't match the actual business territory.
• No one on the team knows where the IP is currently protected.

Quick Fix:

Apply the 80/20 Rule: Protect your IP in the regions that will generate 80% of your future revenue, not everywhere at once.

Blind Spot 5: IP is unusable for fundraising & partnerships
Ask yourself:

• If an investor asks: “What is the proof of your IP’s value?” → what can you provide?
• Can this IP be licensed, integrated, or shared under controlled conditions?

Warning Signs:

• You only have certificates, but no contracts, Letters of Intent (LOI), or pipelines.
• The IP depends entirely on one specific individual in the team.

Quick Fix:

Prepare an IP Value Proof Slide: [Which IP] → [Helped which deal] → [Created what value].

Self-Diagnosis Results

• Below 3/5 points: IP is a strategic weakness.
• 3–4/5 points: You have a foundation, but IP is not yet a lever for growth.
• 5/5 points: Your IP is ready for deep exploitation (licensing, fundraising, partnerships).

The Message

IP is not dangerous because you haven't registered it — IP is dangerous because you don't know how it serves your business model.

This mini-checklist is the first step for startups to view IP as a business asset, not just a legal procedure.

© Copyright by KisStartup. All forms of copying, quoting, or reusing must clearly credit the source: KisStartup.

Through coaching startups, KisStartup has observed a recurring reality: most startups do not fail because their ideas are weak, their technology is poor, or their founders lack effort. They fail because of familiar blind spots in founders’ thinking and decision-making.

We call these “founder blind spots.”

Why “blind spots”?

A blind spot is not something founders don’t know.
More dangerously, it is often something founders believe they already understand well enough—so they stop questioning, measuring, or validating it.

In everyday life, a blind spot is an area our eyes cannot see, yet the brain automatically fills in the gap, making us believe we see the whole picture. Entrepreneurship works the same way. When founders are:

• too close to the product,
• too emotionally attached to the original idea, or
• too busy with daily operations,

they can develop misplaced confidence and make decisions based on intuition, past experience, or personal beliefs—rather than real data and market feedback.

Blind spots rarely kill a startup instantly. Instead, they slowly push it off course, draining time, money, and energy until there is no room left to recover.

The most common founder blind spots

This KisStartup series focuses on the blind spots we repeatedly observe in Vietnamese and global startups, especially in early stages and during the transition from “idea” to “scalable model.”

Market and customer blind spots
Many founders believe they understand customers simply because they themselves are users. But “understanding” is not the same as measuring. Lack of systematic customer discovery, confusion between user–buyer–payer, or relying on polite feedback often prevents startups from ever reaching product–market fit.

Financial and cash-flow blind spots
Startups rarely “die suddenly” from running out of cash. More often, founders fail to notice deteriorating cash flow: rising burn rate, shrinking runway, and fixed costs growing faster than sustainable revenue. Avoiding numbers does not remove risk—it only delays and amplifies it.

People and organizational blind spots
“We’re a small, flexible team” often hides deeper issues: unclear roles, blurred accountability, and early hiring mistakes. Founders frequently underestimate the real cost of internal conflict and organizational distraction.

Product and technology blind spots
Some technical founders fall into over-engineering—building too much, too complex, for too long. Others launch too early with products that fail to solve core pain points. Both stem from the absence of clear learning criteria for an MVP.

Failure and pivot blind spots
Perhaps the most dangerous blind spot is psychological: reluctance to admit flawed assumptions, lack of a learning system from failure, and tying personal ego too tightly to the product. Many startups don’t lack pivot opportunities—they lack the courage and structure to pivot at the right time.

Who is this series for?

The “Blind Spots in Entrepreneurship” series is not meant to criticize or lecture founders. It is written for:

• founders building startups or innovation-driven SMEs,
• those who feel “something isn’t right” but can’t yet name it,
• investors, partners, and support organizations seeking deeper insight into why startups fail—and how to reduce that risk.

Each article will explore one blind spot in depth, with analysis, real cases, and practical approaches KisStartup uses in mentoring, training, and ecosystem building.

An open question for you:
If you had to choose the most dangerous blind spot for your startup right now, which one would it be?

© Copyright KisStartup. Any reproduction, quotation, or reuse must clearly credit KisStartup.

Nguyễn Viết Dũng – Nguyễn Đặng Tuấn Minh

A commune in Lào Cai has become a bright spot on the community-based tourism map as local people learn how to tell the story of their homeland on social media.

Like thousands of other Tày women, Ms. Vàng Thị Thông from Bản Liền Commune, Bắc Hà District, Lào Cai Province, had very limited knowledge of technology. Yet it was her simple sentence—“I can’t do it yet”—during an online digital capacity-building training session organized by the IDAP Project in late 2024 that marked the beginning of her transformation.

She began introducing Bản Liền Pine Homestay, her community-based tourism business, on social media platforms. The reach of digital platforms such as Facebook, TikTok, and Zalo opened new opportunities for Bản Liền to appear on television and sparked what experts call a “digital culture push.”

Thanks to this momentum, many homestays in Bản Liền were fully booked just three months later. However, the most remarkable achievement was not the number of new homestays or the influx of visitors. The most profound change lay in business mindset. Families no longer viewed tourism as a side activity or simply “letting guests stay,” but began thinking about designing experiences, creating distinctive products, and sharing common resources.

One corner of Bản Liền. Photo: FB Vàng Thị Thông

Mr. Lâm A Nâng taught himself how to make dishwashing liquid from fruits and natural ingredients to protect his homeland from pollution as visitor numbers increased. Ms. Vàng Thị Mai—another Tày woman—proactively organized đàn tính (traditional lute) classes for homestay owners, taught by her father, artisan and instrument maker Vàng A Ưởng. Such changes cannot come from merely talking about “digital transformation.” They represent a deeper “transformation.”

The people of Bản Liền are now planning to establish a Community-Based Tourism Cooperative—a step toward institutionalizing the spirit of mutual support and interaction. Through this, local values will not be fragmented but integrated into a shared governance structure.

A particularly notable aspect of Bản Liền is that no one walks alone. Mr. Vàng A Ưởng—despite living with a disability—continues to teach music and make instruments. Mr. Nâng voluntarily introduces Mr. Ưởng on his personal page to amplify this special talent. Ms. Thông shares marketing experiences, Mr. Nâng teaches recipes for eco-friendly dishwashing liquid, and Ms. Mai opens music classes—all reflecting a spirit where one person’s success creates opportunities for others.

The story of Bản Liền is a test case for a new development model:
Cultural heritage + digital transformation + community spirit = a sustainable ecosystem.

When a woman from an ethnic minority can learn technology, build a personal brand, and inspire dozens of other families, that is when digital transformation fulfills its true meaning: unlocking human potential.

A normal working day of Bản Liền women. Photo: FB character

If the digital transformation story of Bản Liền were limited to Facebook posts or a surge in visitors after a TV reality show, it would only scratch the surface. The real magic is how technology has awakened, in each resident—especially women who have long stayed behind the scenes—a desire to learn and preserve local values.

Ms. Thông—who once “had no time to learn the đàn tính” due to running a homestay and caring for children—now wants to learn to play, to understand, and to continue telling the story of her people.

Ms. Cân, wife of Mr. Lâm A Nâng, previously focused solely on household chores. Since developing natural products for tourism with her husband, she has gradually become the public face of their family’s homestay.

Ms. Vàng Thị Nghĩa does not run a homestay or sell specialties, yet she is an enthusiastic “village storyteller” whenever strangers ask questions.

The IDAP Project, implemented by KisStartup JSC, is proud to accompany this journey—from the moment Ms. Thông first practiced writing content for a post to when villagers began discussing the formation of a community tourism cooperative.

What truly moves the IDAP project team is not immediate figures or visible results, but the realization that new ways of thinking are gradually taking shape in Bản Liền. People are beginning to design experiences linked to living culture and sell agricultural products, rather than relying solely on increasing revenue from a limited number of homestays.

Digital transformation, ultimately, is broader than “learning how to use technology.” It is a shift in mindset—from passive to proactive, from fragmented to connected, from separating culture from the economy to integrating economic development with cultural heritage. When this happens, not only Bản Liền, but many other remote mountainous areas can rewrite their development stories—in their own community language and with a future-oriented vision.

About the IDAP Project
The Inclusive Digital Acceleration Program (IDAP) aims to strengthen an inclusive digital transformation ecosystem for small and medium-sized enterprises, focusing on agriculture and tourism in Lào Cai and Sơn La provinces. The project is implemented by KisStartup JSC from 2024 to 2027, with funding from the Australian Government through the GREAT Project (Gender Responsive Equitable Agriculture and Tourism).

Source: Tia Sáng

Work with KisStartup – Where Ideas Are Brought to Market

KisStartup is seeking Project Management Assistants to work alongside us in key programs, including:

• Tech Marketing Project Assistant

• Project Finance Assistant

• Green & Sustainable Export Project Assistant (Green Export / ESG / VSS)

• Digital Transformation & Innovation Project Assistant

• L2M Incubation Program – Leap to Market (bringing solutions to domestic and international markets)

Why this role is worth applying for

• Learn fast – do real work: Join real projects with real partners (enterprises, startups, universities, international organizations).

• Guided & empowered: Apply the succession training model Shadow – Delegate – Lead.

• Clear development pathway: Opportunity to become a PM/Program Lead within 12–24 months based on performance.

• Flexible working environment: Office-based + remote work, with a strong focus on effectiveness and autonomy.

• Global mindset: Opportunities to work with EU/UK/ASEAN markets.

Job Description

• Minimum 1-month internship, gaining skills in content writing, event organization, and design.

• Support Project Managers in coordinating plans, timelines, budgets, and project reports.

• Participate in project meetings; record, track, and follow up tasks with stakeholders.

• Assist in implementing communications, events, and market research activities (depending on the project).

• Coordinate preparation of documents, materials, and reports for sponsors/partners.

• Gradually lead mini-tasks/activities under PM mentoring.

Who we’re looking for

• Sophomore, junior, senior students; fresh graduates; or young candidates planning to study abroad.

• Backgrounds in Economics, Management, Marketing, International Business, Applied IT, Innovation, Biotechnology, or Deep Tech.

• Proactive, eager to learn, execution-oriented; strong systems thinking and time management skills.

• Good communication skills (Vietnamese/English is an advantage); familiar with Google Workspace, Notion, Trello, Slack.

• Willing to intern and gain hands-on experience across roles.

• Interest in technology, exports, ESG, and digital transformation is a strong plus.

Benefits

• Structured training in project management, innovation, tech marketing, and green exports.

• Access to a network of experts, mentors, and domestic & international enterprises.

• Opportunities for field trips, events, and international programs (project-dependent).

• A culture of learning, transparency, and respect for individual value.

• Recommendation letter after a suitable internship period, based on performance and contribution.

Apply Now

• CV + 5–10 lines of self-introduction (clearly stating the project(s) you are interested in).

• Send to: admin@kisstartup.com or apply via the form: https://forms.gle/1R9X3HarJsde3vdW8

• Email subject: [PMA – Full Name]

KisStartup is not looking for “employees.” We are looking for “companions” to bring ideas to market together.

For inquiries, please contact:

• Fanpage: https://www.facebook.com/kisstartup

• Website: https://www.kisstartup.com/

• Email: hello@kisstartup.com

• Contact: (+84) 869 190 704 (Mr. Dzung)

After nearly 10 years of accompanying businesses, startups, and the innovation ecosystem in Vietnam, KisStartup officially launches DHomes GmbH—KisStartup’s branch in Germany.

This step has been carefully prepared with a clear ambition: to become a trusted market anchor for businesses and startups as they expand internationally, especially into Germany and Europe.

Why DHomes?

The name DHomes comes from a simple idea with multiple layers of meaning.

• The letter “D” stands for Deutschland (Germany)—where DHomes is established; it also represents Destination (a market entry point) and Development (long-term growth).
• “Homes” is not just an office or a warehouse. It is the “first home” for businesses in a new market—a place to start safely, test step by step, learn how to operate, connect, and grow.

Together, DHomes conveys a clear message:
Businesses do not enter the German and European markets alone—they have a “home” to begin, experiment, and develop sustainably.

Who does DHomes serve?

DHomes is designed to serve the right needs for the right audiences:

• Vietnamese businesses seeking to export to Germany/EU or import from Germany to Vietnam, and needing clarity on standards, logistics, warehousing, and distribution partners.
• Vietnamese startups aiming to grow in the German and European markets, requiring soft-landing support, market testing, and access to mentors and investors.
• German companies looking to enter the Vietnamese market, in search of local partners, access channels, and suitable commercial and marketing solutions.

Why Germany as the starting market?

KisStartup chose Germany as the starting point for DHomes because it is one of Europe’s leading hubs for import–export and logistics, with a highly integrated system of seaports, road, rail, and warehousing connecting the entire EU. For Vietnamese businesses, Germany is not only a consumer market but also a strategic gateway for legally, efficiently, and cost-effectively entering other EU countries.

Germany is also known for its transparent, stable, and standards-driven business environment. Clear requirements on quality, traceability, contracts, and payments help import–export businesses reduce risk, improve predictability, and scale more easily across Europe. For many companies, “being able to operate in Germany” means they are ready for Europe.

In addition, Germany’s economic structure—built around a strong Mittelstand (SME) network—closely resembles that of Vietnam, creating a solid foundation for long-term, sustainable trade relationships rather than short-term transactions. This combination of import–export strength, logistics excellence, and a reliable business environment makes Germany the right place for DHomes to begin.

DHomes’ three core service groups

1. Commercial Representation
DHomes provides warehousing and distribution solutions in Germany and the EU, covering storage, logistics, and EU-compliant distribution. We also support imports from Germany to Vietnam, connecting high-quality suppliers, assisting with partner selection, inspection, and transparent transportation.

2. Startup Incubation & Soft-Landing (Vietnam–Germany)
DHomes runs two-way Vietnam–Germany programs, supporting legal setup, IP, and market research; 2–4 week bootcamps and residencies; 3–6 months of online support, pilot spaces, EU/VN go-to-market design, and access to a network of mentors and strategic investors.

3. Technology Marketing
We help bring German technologies to the Vietnamese market and Vietnamese technologies to Germany/EU through workshops, product showcases, buyer connections, and market representation when needed.

Legal information & contact

• DHomes Representative in Germany: Mr. Kieu Van Le
• Commercial registration: HRB 220575 – Amtsgericht Oldenburg

Vietnam Office:
KisStartup – 8th Floor, Rocland Building, 16 Tran Quoc Vuong Street, Cau Giay District, Hanoi, Vietnam

Warehouse & Office in Germany:
Martin-Luther-Platz 4, 38372 Büddenstedt, Helmstedt, Niedersachsen, Germany

Contact: hello@kisstartup.com | Ms. Trang – Vietnam Coordinator (+84 949 598 768)
DHomes was not created to promise “fast moves.”
We commit to walking with you, walking right, and walking for the long term—true to the philosophy KisStartup has pursued for many years.
If Germany and Europe are your next steps, DHomes is ready to be your “first home”—a confident place to begin your journey.

 

 

The Rice Grain: Familiar Yet Unfamiliar as Vietnam’s Development Enters the “Green” and Low-Emission Era

At the end of the year, when life slows down, KisStartup often reflects on things that feel deeply familiar. Rice is one of them. So familiar that we think we already understand it—yet also unfamiliar, because every year the rice grain is placed into a new equation.

In the past, rice was about harvests—producing enough to feed the nation in the years after war. Later, it was about price, as Vietnam stabilized production and opened to global markets. Then came standards, as Vietnamese rice entered demanding export markets. Today, rice faces a new challenge: it must be green. Green in ways that can be measured—emissions quantified, processes traced, methane reduced, and in the near future, potentially linked to carbon finance.

Looking back, rice has accompanied Vietnam through a long journey. From a food-deficit country, Vietnam became one of the world’s leading rice exporters, contributing to global food security. This achievement reflects hard work, technological improvement, and timely policy choices. Yet that same journey has created new challenges: soil degradation, increasing freshwater scarcity, and greenhouse gas emissions from rice cultivation becoming a significant part of agricultural emissions [1], [2].

Seeing Rice Through a Different Lens

For decades, the rice value chain followed a simple logic: inputs – yield – output – export, with value measured mainly in tons. But as climate change becomes a global concern and markets begin asking about the carbon footprint of products, rice is no longer just a commodity. It carries an additional layer of value: how it is produced.

Low-emission rice is therefore not just a technical concept—it represents a shift in development thinking. The question moves from “How do we produce more?” to “How do we produce smarter, with lower emissions, while still securing farmers’ livelihoods?”

In Vietnam, technologies for low-emission rice already exist. On the “inside of the seed,” research institutes are applying advanced breeding and biotechnology to develop rice varieties that emit less methane and are more resilient to drought, salinity, and climate extremes [3], [4]. On the “outside of the field,” practices such as sparse seeding, balanced fertilization, organic and bio-fertilizers, and especially alternate wetting and drying (AWD) irrigation have proven effective in reducing emissions, saving water and input costs, while maintaining or even improving yields [5], [6].

Alongside these are digital efforts: water-level sensors, farm management apps, electronic field logs, and digital extension tools. These technologies help turn farming experience into measurable and verifiable processes [1], [7].

The Gap Is Not Technology, but the Market

The biggest challenge today is not a lack of technical solutions, but the absence of clear market mechanisms that can convert low emissions into real economic value. Without reliable measurement, reporting, and verification (MRV) systems at field and production-area levels, “low-emission” remains difficult to turn into a tradable attribute [8]. When data are fragmented—stored in notebooks, paper reports, or human memory—the value chain cannot convincingly prove to international buyers that the rice is truly green.

More importantly, when benefit-sharing mechanisms from carbon reductions are unclear, farmers and cooperatives have little incentive to change long-established farming practices [2], [9]. As a result, many technologies remain stuck at pilot stages instead of becoming widespread practices.

An Opportunity to Redesign the Rice Value Chain

Yet the end of 2025 also brings promising signals. Large-scale programs on high-quality, low-emission rice are being implemented; green credit is increasingly linked to rice value chains; and rice straw is being reconsidered as a resource rather than waste to be burned [5], [10], [11].

From KisStartup’s perspective, this is the right moment to view rice not just as an agricultural product, but as the center of a new value ecosystem. In this ecosystem, value comes not only from rice itself, but from farming data, reduced emissions, restored soils, and new financial flows such as green finance and carbon markets.

New business models are emerging: companies building low-emission rice brands backed by data and traceability; service providers offering MRV solutions for cooperatives; digital platforms connecting farmers, enterprises, banks, and certifiers; and circular economy models that turn rice straw into organic fertilizer or biomass materials—creating revenue while cutting emissions [8], [10], [11].

Returning to the Land—With Technology

At a deeper level, the story of low-emission rice is also about how Vietnamese society reconsiders its relationship with land. Not just extraction, but care. Not just taking, but giving back. Healthy soil sustains healthy crops; clean water sustains resilient rice; and rural ecosystems then have a future for the next generation.

Diligence and creativity have taken Vietnam far with rice. But in today’s context, diligence alone is not enough. It must be complemented by breakthrough technologies, new business models, and a market mindset capable of turning environmental value into sustainable economic value.

The rice grain thus remains familiar—present in every daily meal—yet increasingly unfamiliar. Within each panicle now lie stories of data, carbon, technology, and a greener development future.

As 2025 comes to a close, KisStartup believes that if done right, Vietnamese rice will travel far not only because it is fragrant and delicious, but because it can prove it was grown with respect—for the land, the water, and the climate. And that may be one of the most meaningful legacies today’s generation can leave for the next.

© Copyright belongs to KisStartup. Any reproduction, citation, or reuse must clearly acknowledge KisStartup as the source.

References

[1] Vietnam Agricultural Extension, “Breakthrough Technologies for the One Million Hectares of High-Quality, Low-Emission Rice Program,” 2025.

[2] Ministry of Agriculture and Environment, “Reducing Methane Emissions in Rice Cultivation in Vietnam,” 2024–2025.

[3] HATRI, “Applying Advanced Technologies in Breeding Low-Methane-Emission Rice Varieties,” 2024.

[4] MARD, “New Rice Varieties with Reduced Methane Emissions for Climate Change Adaptation,” 2025.

[5] Government Newspaper, “Technology Paving the Way for High-Quality, Low-Emission Rice Production in the Mekong Delta,” 2025.

[6] Vietnam Clean Energy, “Scaling Up Low-Emission Rice Farming Models,” 2025.

[7] Nature & Environment Magazine, “Applying Digital Technologies in Rice Farming Management,” 2024.

[8] VJOL, “Measurement, Reporting and Verification (MRV) of Emissions in Agriculture,” 2024–2025.

[9] State Audit Newspaper, “High-Quality Rice Production Linked to Environmental Protection,” 2025.

[10] VOV, “Unlocking the Value of Rice Straw in the Journey toward Low-Emission Rice Cultivation,” 2025.

[11] Agribank, “Green Credit for Low-Emission Rice Development,” 2025.

When looking at the global map of biodiversity tech startups, it is easy to notice that most market leaders today come from Europe, North America, and Australia. This often leads to a quick conclusion: Vietnam and ASEAN can only be technology users, not technology creators. However, if we look deeper into the economic logic of nature tech, this conclusion is incomplete.

Biodiversity tech is not a game for the countries with the most capital. It is a game for places with real ecological challenges, weak baseline data, and rapidly growing demand for measurement. From this perspective, Vietnam and ASEAN are not outside the wave—the real question is which entry point they choose.

From “global technology” to “local problems that can scale”

A common trait among successful biodiversity tech startups is that they did not begin with global ambitions. They started with a very specific, narrowly defined problem that could be repeated and scaled. NatureMetrics did not begin by “measuring global biodiversity”; it started by addressing the need to assess ecological impacts for specific infrastructure and conservation projects, then gradually standardized processes, accumulated data, and expanded to portfolio-level applications [1], [2].

This logic fits ASEAN particularly well. The region has high biodiversity density and large agricultural, fisheries, and forestry systems—but lacks standardized ecological data. This gap is not a weakness; it is a market entry point.

From KisStartup’s perspective, the strategic question is not “what technology to build,” but rather: which problem are people willing to pay to measure better?

Three viable market entry paths for biodiversity tech in Vietnam/ASEAN

First, becoming a local provider of field data and MRV (Measurement–Reporting–Verification). Many conservation, ecosystem restoration, green infrastructure, and regenerative agriculture projects in ASEAN still rely on traditional surveys that are costly and difficult to compare over time. Meanwhile, donors, development banks, and international corporations increasingly demand quantitative evidence of ecological impact [3], [4].

A startup does not need to build a global platform from day one. Doing one ecosystem extremely well—such as mangroves, river basins, or coastal aquaculture zones—with standardized measurement processes, time-series data, and reporting capabilities already turns data into a strategic asset. With sufficient trust, local startups can become data partners to larger platforms rather than direct competitors.

Second, linking biodiversity tech with regenerative agriculture and export value chains. This is where ASEAN—and Vietnam in particular—has clear advantages. Industries such as coffee, tea, cocoa, rice, and seafood face growing international pressure on traceability, environmental impact, and ecosystem restoration [5], [6].

The case of Biome Makers shows how soil biological data can become a direct economic decision-making tool for agriculture [7]. In Vietnam, the goal does not need to be copying BeCrop globally, but starting with concrete questions: where is soil biological function declining in the Central Highlands’ coffee farms, how fast does it recover, and which practices make a difference? Once standardized and linked to production outcomes, such data supports not only farming decisions but also market proof for sustainable exports.

Third, nature intelligence for sectors with high nature-related risks—especially water, fisheries, and ecotourism. ASEAN is highly exposed to climate change, water stress, and salinity intrusion. Investment decisions in water infrastructure, aquaculture, and nature-based tourism increasingly require near real-time ecological data [8].

Monitoring models using sensors, eDNA, bioacoustics, or satellite imagery—already deployed in Europe—can be localized for river basins, lakes, and lagoons in Vietnam. The local startup advantage lies not in core technology, but in field deployment capability, ecosystem understanding, and maintaining long-term data streams.

Biodiversity credits: a major opportunity—but not for those lacking data discipline

Biodiversity credits are often mentioned as a promising market. In theory, they are highly attractive. In practice, global experience shows that the biggest risk is not lack of capital, but lack of credible data [9], [10].

For ASEAN startups, the opportunity is not issuing credits at all costs, but becoming measurement and verification infrastructure for restoration projects. As international biodiversity credit standards are still forming, organizations with strong MRV capabilities, time-series data, and independent audit readiness will hold a powerful position.

Biodiversity tech is a game of accumulated data, not tech demos

Looking at NatureMetrics and Biome Makers, one common pattern stands out: DNA sequencing or AI is not the hardest part to replicate. What is hardest to replicate is the domain-specific dataset accumulated over time, tightly linked to ecological context and economic decisions.

For Vietnam and ASEAN, this carries an important implication. Instead of rushing to “go global,” a more sustainable strategy is to go deep into one ecosystem, measure it well, measure it long enough, and connect data to real-world actions. Once data is trusted and economically useful, geographic and business model expansion will follow.

You don’t need to be global immediately—but you must deliver valuable local measurement

Biodiversity tech is not about whether ASEAN has enough technology. It is about whether we are willing to treat nature as a system that must be managed seriously. When nature can be measured, reported, and used to make better decisions, it stops being a vague “common asset” and becomes a real part of the economy.

Part 3 will dive deeper into two representative models—NatureMetrics and Biome Makers—to analyze how they build data flywheels, create hard-to-copy competitive advantages, and extract concrete lessons for startups and investors in the region.

© Copyright belongs to KisStartup. Any form of copying, quoting, or reuse must clearly credit KisStartup.

References
[1] NatureMetrics, “NatureMetrics raises $25m Series B to scale biodiversity monitoring,” Jan. 2025.
[2] Renewable Matter, “NatureMetrics: scalable biodiversity metrics powered by eDNA,” 2024.
[3] J. B. S. Cambridge, “Biodiversity startups: emerging forces in conservation,” 2024.
[4] Nature4Climate, “Nature Tech Report 2024,” 2024.
[5] OECD, Data Analytics in SMEs, OECD Publishing, 2019.
[6] VietnamPlus, “Scaling up digitalisation for SMEs requires solid data foundation,” 2024.
[7] Biome Makers, “BeCrop technology overview,” 2024.
[8] Darwin Data, “How AI is revolutionising biodiversity monitoring,” 2024.
[9] Carbon Pulse, “Biodiversity credit markets: integrity challenges ahead,” 2024.
[10] Impact Loop, “Why biodiversity credits need robust MRV systems,” 2024.

From the perspective of an innovation ecosystem like KisStartup, travel tech is not merely about “building a travel app” or “digitizing bookings”. At its core, it is a challenge of designing business models based on data, value flows, and scalability in an industry characterized by thin margins and strong dependence on seasonality, policy, and consumer behavior.

1. Global travel tech: from transaction platforms to data and operations platforms

Over the past decade, the dominant business models in global travel tech have revolved around commissions and transaction fees. OTAs, travel marketplaces, and booking platforms grew rapidly thanks to their ability to aggregate demand, standardize experiences, and optimize distribution costs for suppliers. However, this model has also revealed its limits: fierce competition, high marketing costs, heavy reliance on scale, and vulnerability during market downturns.

A notable shift in recent years is the move from “earning per booking” to “earning across the entire travel lifecycle”. Subscriptions, B2B SaaS, APIs, anonymized data, post-booking revenue, and white-label models are increasingly becoming more sustainable revenue sources, less dependent on pure traffic. Travel tech is no longer just about selling tickets, but about becoming the operational infrastructure behind the tourism industry.

2. Common models in the Vietnamese context

In Vietnam, simply “copying” global OTA models is highly risky. The domestic market is moderate in size, average spending remains relatively low, while international platforms already dominate in brand recognition, data, and budgets. Pure commission-based models easily fall into price wars and cash-burning cycles.

Subscription-based B2C models are also difficult unless the added value is very clear. Vietnamese users are accustomed to “free – indirect payment” models, while willingness to pay is higher among businesses, destinations, and service providers.

By contrast, B2B SaaS, data, and APIs remain a largely untapped space. Tens of thousands of small and medium tourism businesses, homestays, community-based tourism initiatives, and local tour operators lack tools for operations management, customer data analysis, dynamic pricing, digital marketing, and channel integration. This is a gap where Vietnamese travel tech startups can compete more effectively than global platforms.

3. Positioning Vietnamese travel tech within national tourism strategy

Vietnam’s tourism strategy emphasizes green tourism, community-based tourism, local experiences, visitor dispersion, higher spending, and longer stays. This requires travel tech to go beyond booking optimization and instead help local ecosystems create and retain value.

In this context, suitable business models should not start with the question “what percentage do we take per transaction?”, but rather: who does the travel tech help make better decisions, which costs does it reduce, which revenues does it increase, and what data is generated in the process?

4. Strategic directions for Vietnamese travel tech

First, prioritize B2B and B2G2B models. Instead of competing head-on with OTAs, Vietnamese travel tech can provide SaaS tools for local tourism businesses, destinations, community tourism cooperatives, or local governments managing tourism data. Revenue can come from subscriptions, add-on modules, and implementation services, rather than short-term booking volume.

Second, design hybrid models from the start. A planner or discovery platform can be free for end users, while monetizing through affiliates, anonymized data, APIs for partners, or fees for visibility in curated experience packages. Hybrid models help startups survive early stages and unlock “hidden” revenue streams with higher margins.

Third, treat data as a product, not just a by-product. Behavioral, seasonal, pricing, demand, and experience feedback data—when standardized and anonymized—can become valuable insights for businesses, destinations, and policymakers. This aligns well with Vietnam’s data-driven tourism direction and creates long-term competitive advantages.

Fourth, tightly integrate sustainability and inclusiveness. Travel tech can generate revenue by measuring impact, providing certifications, ESG reporting, experience traceability, or smart visitor distribution. These values are hard to replicate and well-suited to community-based tourism and remote destinations—areas where Vietnam has strong advantages.

Finally, do not start with technology—start with the business model. Many travel tech startups fail because they build beautiful apps but cannot answer the question: “who pays, and what do they pay for?” In a more cautious venture capital environment, clear, multi-stream revenue models tied to real needs of businesses and localities will determine survival.

5. KisStartup’s perspective

From its experience working alongside tourism enterprises, agricultural businesses, and local destinations, KisStartup believes Vietnamese travel tech must shift from a “service booking platform” mindset to a “capability-building platform” approach. Those who help local businesses better understand their customers, operate more effectively, and sell higher-value offerings will build more sustainable models.

In the next 5–10 years, successful Vietnamese travel tech may not be OTA unicorns, but rather “invisible infrastructures” supporting green tourism, community-based tourism, and data-driven tourism—where revenues are quiet, but resilient and hard to replace.

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